Startups are an interesting concept and something completely different from a small business. When you think of a startup, you think of a bunch of tech people hunched together in a garage or a basement working on the next big thing. A small business you think of a business that started and is trying to make sales and grow.
Here is thing, both are exactly the same, except how the owner thinks about their business. A small business owner is focussed on doing it tough for a number of years and hoping they can make it as a business. However a startup thinks big, they dream of their application/product or service being used by millions around the world and funded by VC’s and that is how they direct their business. Small business owners think about doing things slowly and building their business over time.
So what happens? Startups can go bust quickly or go massive quickly. Either way they show results, good or bad rather quickly. A small business can go big or fail, it just does it slowly. So owners of startups just get through their failures quicker and on to successful businesses quicker, if they keep at it. Do you think the owners of Groupon and Twitter just came up with an idea and got lucky? They certainly didn’t, they had many failures or startups that never really made it big. They just got through them and kept going until they hit it big.
So how did I come across this discovery. It was simply by calling my latest venture a startup. Just by referring to it as a startup, I have heaps of passion for it, I think and aim very big and carry that across with to anything with the business. I have a very scalable business model and I have a plans for rapid growth.
Looking back over the many years of business I have actually had many startups, I just never referred to them as that and hence never gave them the energy needed to succeed quickly.
Startups are not just people getting lucky, they are experienced business people putting everything they have into their business and thinking as large as they can. Mindset creates your business, how do you refer to your business?